Annual report and audited financial statements iShares VI PLC For the financial year ended 31 March 2020 iSHARES VI PLC CONTENTS Page Overview General information 3 Chairman’s statement 5 Background 7 Performance Investment manager’s report 9 Governance Board of directors 14 Corporate governance statement 16 Audit committee report 23 Director’s report 26 Depositary’s report to the shareholders 30 Independent Auditors report 31 Financial Statements Income statement 37 Statement of changes in net assets attributable to redeemable shareholders 42 Balance sheet 47 Notes to the financial statements 52 Schedules of investments 107 Additional information and regulatory disclosures (unaudited) Schedules of material purchases and sales 350 Calendar year performance 368 Transactions with connected persons 369 Transaction costs 369 Soft commissions 369 Cross investments 369 Global exposure 370 Leverage 370 Report on remuneration 371 [1] iSHARES VI PLC CONTENTS (continued) Page Additional information and regulatory disclosures (unaudited) (continued) Efficient portfolio management and securities financing transactions 376 Disclaimers 400 This annual report and audited financial statements (the “Report and Financial Statements”) may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the extent that there is any inconsistency between the English language Report and Financial Statements and the Report and Financial Statements in another language, the English language Report and Financial Statement will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in a Report and Accounts in a language other than English, the language of the Report and Financial Statement on which such action is based shall prevail. Any disputes as to the terms of the Report and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws of Ireland. [2] iSHARES VI PLC GENERAL INFORMATION Board of Directors1 Secretary of the Manager Deirdre Somers (Chairperson) (Irish) Sanne Corporate Administration Services (Ireland) Limited Jessica Irschick (British) 4th Floor Paul McGowan (Irish) 76 Baggot Street Lower Barry O’Dwyer (Irish) Dublin 2 Ros O’Shea (Irish) Ireland 1All Directors are non-executive. Entity’s registered office Audit Committee Members J.P. Morgan Paul McGowan (Chairman) 200 Capital Dock Ros O’Shea 79 Sir John Rogerson’s Quay Dublin 2 Nomination Committee Members D02 RK57 Deirdre Somers (Chairperson) Ireland Paul McGowan Barry O’Dwyer Promoter, Investment Manager and Securities Lending Agent Ros O’Shea BlackRock Advisors (UK) Limited 12 Throgmorton Avenue Manager London EC2N 2DL BlackRock Asset Management Ireland Limited England 1st Floor 2 Ballsbridge Park Sub-Investment Managers3 Ballsbridge BlackRock Financial Management Inc. Dublin 4 40 East 52nd Street D04 YW83 New York Ireland NY 10022 United States Currency Hedging Manager2 State Street Global Markets Currency Manager BlackRock (Singapore) Limited 5th Floor 20 Anson Road One Lincoln Street #18-01 Boston Singapore 079912 MA 02111-2900 Singapore United States BlackRock Asset Management North Asia Limited Administrator and Registrar 16/F Champion Tower State Street Fund Services (Ireland) Limited Three Garden Road 78 Sir John Rogerson’s Quay Central Dublin 2 Hong Kong Ireland BlackRock Asset Management Deutschland AG Depositary Lenbachplatz 1 1st Floor State Street Custodial Services (Ireland) Limited Munich 80333-MN3 78 Sir John Rogerson’s Quay Germany Dublin 2 Ireland [3] iSHARES VI PLC GENERAL INFORMATION (continued) Independent Auditor Information Agent in Germany Deloitte Ireland LLP State Street Bank International GmbH Chartered Accountants & Statutory Auditors Briennerstrasse 59 Deloitte & Touche House 80333 Munich Earlsfort Terrace Germany Dublin 2 Ireland Paying and Information Agent in Austria UniCredit Bank Austria AG Irish Legal Advisers Attn: 8398/Custody William Fry Julius Tandler Platz 3 2 Grand Canal Square 1090 Vienna Dublin 2 Austria Ireland Representative in Switzerland Paying Agent BlackRock Asset Management Schweiz AG Citibank N.A., London Branch Bahnhofstrasse 39 Citigroup Centre 8001 Zurich 25 Canada Square Switzerland Canary Wharf London E14 5LB England Paying Agent in Switzerland State Street Bank International GmbH Munich Zurich Branch Beethovenstrasse 19 CH-8027 Zurich Switzerland 2In respect of the currency hedged share classes of certain Funds only. 3In respect of certain Funds only. Entity registration number: 506453 For Swiss investors: The prospectus of the Entity, the Key Investor Information Documents (“KIID”), the articles of incorporation, the latest annual report and audited financial statements and interim report and unaudited financial statements as applicable and a detailed list of investments purchased and sold for each Fund during the financial year may be obtained on request and free of charge from the representative in Switzerland. For German investors: The prospectus and KIID are available, free of charge, from the Information Agent in Germany. Please note that no notification for the distribution of shares according to section 310 of the German Capital Investment Code (Kapitalanlagege- setzbuch) has been made for the following Funds: iShares Global High Yield Corp Bond GBP Hedged UCITS ETF (Dist), iShares MSCI World CHF Hedged UCITS ETF (Acc) and iShares S&P 500 CHF Hedged UCITS ETF (Acc). Therefore, shares of these Funds may not be distributed in the Federal Republic of Germany. The Entity is duly registered with the Comisión Nacional del Mercado de Valores in Spain under number 1091. [4] iSHARES VI PLC CHAIRMAN’S STATEMENT The Board of Directors of the Entity (“the Board”) considers corporate governance matters and adherence to codes of best practice to be of the utmost importance. As Chairman of the Board, I believe that it has operated effectively throughout the financial year and that its role and its composition are well defined, appropriate and support the long-term development of the Entity. Overview of the Entity iShares VI public limited company (the "Entity") is an open-ended investment company with variable capital. The Entity was incorporated in Ireland on 24 November 2011 with limited liability and segregated liability between its Funds and is organised under the laws of Ireland as a Public Limited Company (“plc”) pursuant to the Companies Act 2014 (the "Companies Act") and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulation 2011 (as amended) (the “UCITS Regulations”) and is regulated by the Central Bank of Ireland (the "CBI"). The Entity is structured as an umbrella Fund and comprises separate Funds (“Funds”) of the Entity. The term “Fund” shall be deemed to mean either a Fund of the Entity, or if the context so requires, BlackRock Asset Management Ireland Limited (the “Manager”) or its delegate acting for the account of the relevant Fund. The term “BlackRock” is used to represent BlackRock Advisors (UK) Limited. The investment objectives and policies of each Fund are set out in the prospectus. The Funds of the Entity pursue strategies of either tracking or replicating the performance of a benchmark index in order to deliver the objectives of each Fund. The Manager has delegated the administration of the Entity and its Funds to State Street Custodial Services (Ireland) Limited (the “Administrator”) including the calculation of the daily net asset value ("NAV"), and the preparation of the financial statements of the Entity subject to the overall supervision of the Board and the Manager. State Street Custodial Services (Ireland) Limited (the “Registrar”) has also been appointed as the registrar of the Entity.The Entity has appointed State Street Custodial Services (Ireland) Limited (the “Depositary”) as Depositary of the assets with responsibility for the safe keeping of such assets, pursuant to the UCITS Regulations. As part of its fiduciary responsibility to the Entity, the Depositary provides a certain level of ongoing oversight of the Entity, as well as reporting on the conduct of the Entity in each annual accounting period as set out in the Statement of the Depositary’s Responsibilities. In accordance with Guidance Note 4/07 on the Organisation of Management Companies issued by the CBI, the Board of Directors of the Manager has identified BlackRock Group personnel who monitor and control the management functions as outlined therein. These BlackRock Group personnel report to the Board of Directors of the Manager and the Entity on a regular basis. The management functions delegated by the Manager are subject to appropriate reporting and ratification procedures, which are designed to ensure that the appropriate reports are received in a timely fashion such that the Manager and the Board can discharge their duties, as part of the governance framework put in place by the Manager and the Entity. The Board reviews risk reporting on a regular basis together with an annual review of internal controls and risk management from the Manager. The Board The Board currently comprises five Directors, three of whom are independent. The members of the Board were chosen for their range of skills and experience. Paul McGowan has extensive experience in the area of tax, financial services and corporate governance,